Vietnam Gold Eases to VND36.51Mln/Tael, Dollar Stable
Hanoi (Nov 18) This morning, Vietnam gold was traded down by VND30,000/tael versus last weekend close to VND36.51 million a tael, following the world suit.
Gold was traded at VND36.45 million/tael for bid and VND36.51 million/tael for ask respectively as of 09: 12 am, Hanoi time.
SJC in the North quoted at VND36.45million/tael for bid and VND36.51 million/tael for ask.
Techcombank gold prices were listed at VND36.46-VND36.50 million/tael for bid and ask, respectively.
Domestic gold premiums stood high at VND3.92 million/tael higher than the world gold prrices based on Vietcombank rate ($1=VND21,120), higher than VND3. 85 million/tael distance of last Friday morning.
World Gold Falls in Both New York and Asia Trades
In New York trade last Friday night, the yellow metal edged down after two days of gains sparked by assurances from the likely new Federal Reserve chief that the U.S. central bank will continue its easy monetary policy for now. Gold continued dropping in Asia trade this morning.
In New York last Friday night, spot gold eased by 0.2% to $1,259/ounce.
As of 09:12 am today, at Kitco.com, gold was quoted at $1,285.70-1,286.70/ ounce for bid and ask, respectively.
So far this year, gold has tumbled by one fourth of its value, according to Kitco’s complied data.
Gold Outlook: Gold Prices Seen Mixed This Week
Gold prices are expected quite mixed this week with a slightly higher number of bulls, according to the Kitco News Gold Surveys.
In details, as many as 25 out of 34 participants including bullion dealers, investment banks, futures traders, money managers and technical-chart analysts at Kitco gave their forecast this week. In which, 10 saw prices up, 8 expected the yellow metal to fall and 7 saw gold to move sideways or in neutral.
A few survey participants believe the rally gold staged this week on Yellen’s comments will be short lived, especially after prices retreated on Friday. Sterling Smith, futures specialist and vice president of commodity research at Citibank Institutional Client Group, said the lack of inflation is bearish for gold, which along with the weak momentum will cap gold gains
Dollar Stable
Vietnam''s Central bank set the U.S. dollar''s exchange rate at VND21,036 on Monday, unchanged for nearly 5 months.
Today, some commercial banks lowered dollar prices by VND5/dollar for bid and ask, offering VND21,060-21,080/dollar for bid and VND21,120-21,125/dollar for ask, respectively.
